MIRA INFORM REPORT

Report Date :

18.08.2012

IDENTIFICATION DETAILS

Name :	HBE AVIOSEC PRIVATE LIMITED
Registered Office :	W-77, Greater Kailash Part-II, New Delhi - 110048
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	20.06.2002
Com. Reg. No.:	55-115897
Capital Investment / Paid-up Capital :	Rs. 0.200 Million
CIN No.: [Company Identification No.]	U74999DL2002PTC115897
Legal Form :	Private Limited Liability Company
Line of Business :	Service and Supply for Airport Mordernisation
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 80000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Trade relations are reported to be fair. Business is active. Payments are reported to be usually correct and as per commitment. The company can be considered for normal business dealings at usual trade terms and condition.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

LOCATIONS

Registered Office :	W-77, Greater Kailash Part-II, New Delhi – 110048, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	dvmittalca@yahoo.co.in
Corporate Office :	205-207,Tower-B, Global Business Park, Sikanderpur,  Gurgaon – 122001, Haryana, India
Tel. No.:	91-124-2562512/ 2562513/ 4061675
Fax No.:	91-124-2561428

DIRECTORS

AS ON 30.09.2011

Name :

Mr. Kuldeep Kaul

Designation :

Director

Address :

302, Block 22, Unitech Heritage City, M.G. Road, Gurgaon – 122002, Haryana, India

Date of Birth/Age :

23.10.1961

Date of Appointment :

20.06.2002

DIN No.:

00356445

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U51109DL1999PTC102035	HORIZON BROADCAST ELECTRONICS PRIVATE LIMITED	Director	20/10/1999	20/10/1999	-	Active	NO
2	U74999DL2002PTC115897	HBE AVIOSEC PRIVATE LIMITED	Director	20/06/2002	20/06/2002	-	Active	NO
3	U32204DL2004PTC124698	NEXTGEN TECHSOLUTIONS PRIVATE LIMITED	Director	17/02/2004	17/02/2004	-	Active	NO
4	U72213DL2007PLC160949	THREE D INTEGRATED SOLUTIONS LIMITED	Director	30/09/2010	22/03/2007	-	Active	NO
5	U74120DL2007PLC166605	GLOBAL AVIANAUTICS LIMITED	Director	03/08/2007	03/08/2007	20/08/2010	Active	NO
6	U52393DL2006PTC145131	GOVIND JEWELS PRIVATE LIMITED	Director	30/09/2010	16/03/2010	-	Active	NO
7	U29253KA2011PTC059508	V S PROTO FABS PRIVATE LIMITED	Director	07/07/2011	07/07/2011	-	Active	NO

Name :

Mrs. Romella Kaul

Designation :

Director

Address :

302, Block 22, Unitech Heritage City, M.G. Road, Gurgaon – 122002, Haryana, India

Date of Birth/Age :

09.10.1965

Date of Appointment :

25.03.2003

DIN No.:

00398464

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U51109DL1999PTC102035	HORIZON BROADCAST ELECTRONICS PRIVATE LIMITED	Director	27/12/1999	27/12/1999	Active	NO
2	U74999DL2002PTC115897	HBE AVIOSEC PRIVATE LIMITED	Director	25/03/2003	25/03/2003	Active	NO

Name :

Mr. Nand Lal Bhatia

Designation :

Director

Address :

E-55, Greater Kailash-I, New Delhi – 110048, NCT of Delhi, India

Date of Birth/Age :

15.08.1948

Date of Appointment :

20.06.2002

DIN No.:

00398530

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U51109DL1999PTC102035	HORIZON BROADCAST ELECTRONICS PRIVATE LIMITED	Director	27/12/1999	27/12/1999	-	Active	NO
2	U74999DL2002PTC115897	HBE AVIOSEC PRIVATE LIMITED	Director	20/06/2002	20/06/2002	-	Active	NO
3	U32204DL2004PTC124698	NEXTGEN TECHSOLUTIONS PRIVATE LIMITED	Director	17/02/2004	17/02/2004	-	Active	NO
4	U72213DL2007PLC160949	THREE D INTEGRATED SOLUTIONS LIMITED	Director	30/09/2010	22/03/2007	-	Active	NO
5	U74120DL2007PLC166605	GLOBAL AVIANAUTICS LIMITED	Director	03/08/2007	03/08/2007	20/08/2010	Active	NO
6	U52393DL2006PTC145131	GOVIND JEWELS PRIVATE LIMITED	Director	30/09/2010	16/03/2010	-	Active	NO
7	U74140DL2010PTC206760	OMNITECH TRANSPORT SYSTEMS PRIVATE LIMITED	Director	06/08/2010	06/08/2010	-	Active	NO
8	U29253KA2011PTC059508	V S PROTO FABS PRIVATE LIMITED	Director	07/07/2011	07/07/2011	-	Active	NO

Name :

Mr. Rukmani Bhatia

Designation :

Director

Address :

E-55, Greater Kailash-I, New Delhi – 110048, NCT of Delhi, India

Date of Birth/Age :

08.05.1951

Date of Appointment :

25.03.2003

DIN No.:

00398571

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U51109DL1999PTC102035	HORIZON BROADCAST ELECTRONICS PRIVATE LIMITED	Director	20/10/1999	20/10/1999	Active	NO
2	U74999DL2002PTC115897	HBE AVIOSEC PRIVATE LIMITED	Director	25/03/2003	25/03/2003	Active	NO
3	U74140DL2010PTC206760	OMNITECH TRANSPORT SYSTEMS PRIVATE LIMITED	Director	06/08/2010	06/08/2010	Active	NO
4	U32204DL2004PTC124698	NEXTGEN TECHSOLUTIONS PRIVATE LIMITED	Director	30/09/2011	24/01/2011	Active	NO
5	U29253KA2011PTC059508	V S PROTO FABS PRIVATE LIMITED	Director	07/07/2011	07/07/2011	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders	No. of Shares
Rukmani Bhatia	9800
Kuldeep Kaul	9800
Nand Lal Bhatia	200
Romella Kaul	200
Total	20000

AS ON 30.09.2011

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Service and Supply for Airport Mordernisation

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Not Available

Facilities :

Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Kotak Mahindra Prime Limited (Against hypothecation of car)	0.986	1.769
Total	0.986	1.769
Unsecured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
From Directors and Shareholders	0.370	0.370
Total	0.370	0.370

Banking Relations :	--
Financial Institution :	Kotak Mahindra Prime Limited
Auditors :
Name :	D. V. Mittal and Company Chartered Accountants
Address :	101, Time House, 5, Community Center, Wazirpur Commercial Complex, New Delhi – 110052, India
Income-tax PAN of auditor or auditor's firm :	AAAFD5458K
Companies having key management personnel in common :	· Three D Integrated Solutions Limited · Govind Jewels Private Limited · Horizon Broadcast Electronics Private Limited

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
500,000	Equity Shares	Rs. 10/- each	Rs. 5.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
20,000	Equity Shares	Rs. 10/- each	Rs. 0.200 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		0.200	0.200	0.200
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		19.875	19.399	18.323
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		20.075	19.599	18.523
LOAN FUNDS
1] Secured Loans		0.986	1.769	0.000
2] Unsecured Loans		0.370	0.370	0.370
TOTAL BORROWING		1.356	2.139	0.370
DEFERRED TAX LIABILITIES		0.000	0.000	0.240
TOTAL		21.431	21.738	19.133
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		8.717	9.815	4.524
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.354	0.147	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	4.629	4.629	4.629
	Sundry Debtors	12.640	20.469	0.346
	Cash & Bank Balances	3.239	16.595	5.542
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	23.061	6.234	29.375
Total Current Assets		43.569	47.927	39.892
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	5.434	1.559	23.928
	Other Current Liabilities	25.335	33.492	0.424
	Provisions	0.440	1.100	0.931
Total Current Liabilities		31.209	36.151	25.283
Net Current Assets		12.360	11.776	14.609
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		21.431	21.738	19.133

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income
		Other Income
		TOTAL	40.498	42.510	45.975
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	38.343	38.580	42.479
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		2.155	3.930	3.496
Less/ Add	DEPRECIATION/ AMORTISATION		1.403	1.639	1.710
	PROFIT BEFORE TAX		0.752	2.291	1.786
Less	TAX		0.276	1.215	1.170
	PROFIT AFTER TAX		0.476	1.076	0.616
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		19.399	18.323	17.707
	BALANCE CARRIED TO THE B/S		19.875	19.399	18.323
	EARNINGS IN FOREIGN CURRENCY
		Export on FOB Basis	40.352	27.300	37.728
	Earnings Per Share (Rs.)		23.80	53.82	30.80

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	1.18	2.53	1.34
Return on Total Assets (PBT/Total Assets}	(%)	1.44	3.97	4.02
Return on Investment (ROI) (PBT/Networth)		0.04	0.12	0.10
Debt Equity Ratio (Total Liability/Networth)		1.62	1.95	1.38
Current Ratio (Current Asset/Current Liability)		1.40	1.33	1.58

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

Note: The registered address of the company has been shifted from E-55, Greater Kailash Part-I, New Delhi, India to the present w.e.f. 01.11.2009

CONTINGENT LIABILITIES

Contingent Liabilities not provided for: The Company has issued Bank Guarantees amounting Rs. 0.604 Million in favour of Airport Authority of India.s

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs. 55.70
UK Pound	1	Rs. 87.55
Euro	1	Rs. 68.85

INFORMATION DETAILS

Report Prepared by :

BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	5
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	NO
TOTAL		47

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.